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The ongoing bullish cycle is yet to hit its local top despite Bitcoin brushing shoulders with $48,000 (new record high). Ethereum and Cardano are at the helm of the rally as far as altcoins are concerned.
Binance Coin has gone ballistic with gains surpassing the recent $100 prediction to achieve new all-time highs at $140. Other altcoins performing incredibly well are Uniswap, EOS, Terra, Huobi Token and Filecoin.
The king of cryptocurrencies has settled above $46,000 after trading new highs at $48,000. The recent spike from $38,000 happened after Tesla, the company founded by Elon Musk, announced the purchase of $1.5 billion worth of BTC. Meanwhile, the pioneer cryptocurrency appears to have secured higher support, allowing bulls and investors to gather the strength for another rally beyond $50,000.
The Relative Strength Index (RSI) on the 4-hour chart validates the consolidation by levelling around 70. A return into the overbought region will signal another upswing and perhaps call for more buy orders. Bitcoin needs to break past $48,000 to kick start the next rally above $50,000.
Ethereum is trading at $1,790 after a minor retreat from highs beyond $1,800. A new all-time high has been formed at $1,840, but the journey to $2,000 appears to have been temporarily halted. Finding higher support will secure the uptrend by confirming to investors that stability exists in the market.
The RSI has reinforced the short-term breakdown on the 4-hour chart. A bearish divergence from the price adds credibility to the correction. This deviation comes into the picture when the price forms higher lows while the RSI creates a series of lower highs.
In the event support at $1,750 fails to hold, the smart contract token will drop to $1,700. The 50 Simple Moving Average on the 4-hour chart is also in line to provide support if the bearish leg extends under $1,700.
The cross border token is gradually reclaiming the recently lost support levels. After ricocheting off support at $0.35, its recovery journey has been remarkably consistent. The recent break above $0.45 and $0.5 opened the door for gains eyeing $0.65.
However, XRP might retreat to $0.5 before resuming the uptrend due to the overbought conditions, as shown by the RSI. Therefore, bulls must be keen to hold the price above $0.5 and secure the uptrend and thwart losses that could retest $0.45.
Bitcoin temporarily pauses the rally to highs above $50,000 following the gigantic spike from $38,000.
Ethereum is seeking higher support before resuming the battle for new record highs above $2,000.
Ripple sets for higher price levels following a steady recovery from the immediate support at $0.35. Support at $0.5 will play a key role in averting losses that may retest $0.45 and $0.35 anchor levels.
Source: FX Street
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